Technical Analysis Based on Breakout – Wait for a pullback to rebuy

EURUSD – Up

Wait for a pullback to rebuy

Technical observation

Price is still rallying above the resistance zone (1.2056-1.2101) highlighted by the blue triangle, on the daily chart attached,EUR looks a bit bearish and could plummet towards the lower trend line acting as the support and I expect a rejection at the 4H support line 1.2359 or if price goes below it I would expect a rejection at 1.2189,on the either trend line I would advise you rebuy the pair after the correction. In case price goes below the blue triangle then that would be the ideal place to short EUR after a retracement to the broken zone towards the lower support line 1.1706.

Technical levels

Resistance levels

R1.1.248

R2.1.2531

R3.1.2619

Pivot

1.2445

Support levels

S1.1.2267

S2.1.2355

S3.1.2392

Trade signal

Wait for a pullback to buy EUR with your take profit at 1.2537 and stop loss at 1.2299.

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